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Goldman Sachs hit with $110M fine; First Citizens, CoastalSouth to merge


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Goldman Sachs hit with $110M fine; First Citizens, CoastalSouth to merge

The Federal Reserve Board and the New York Department of Financial Services fined Goldman Sachs Group Inc. about $54.8 million, each, or $109.6 million in total, over the bank's unsafe practices in its foreign exchange trading business. The regulators alleged certain Goldman Sachs foreign exchange traders used electronic chat rooms to share confidential client information and potentially coordinated trading activities that would affect currency prices.

JPMorgan Chase & Co. has purchased JBG SMITH Properties' Bowen Building in Washington, D.C., for $140 million, where it will open its first regional headquarters. Renovations will begin in 2019, with plans to move into the property in 2021.

Dawsonville, Ga.-based First Citizens Financial Corp. is merging into Hilton Head Island, S.C.-based CoastalSouth Bancshares Inc. in a deal valued at about $11.6 million. The deal is expected to close in the third quarter.

In Kansas, Legacy Bank is acquiring First National Bank in Pratt to expand its footprint in the state. This deal, too, will close in the third quarter.

And Associated Banc-Corp unit Associated Benefits and Risk Consulting is acquiring Anderson Insurance & Investment Agency Inc. in a deal expected to close in June.

In other parts of the world

Asia-Pacific: CBA CEO admits 'mistakes'; State Bank of India to close offshore branches

Europe: StanChart Q1 pretax profit up 20% YOY; S&P downgrades Turkey

Middle East & Africa: Al Rajhi Bank Q1 profit up YOY; UAE Exchange holding firm preps for London IPO

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng was down 0.27% to 30,723.88, and the Nikkei 225 dropped 0.16% to 22,472.78.

In Europe, around midday, the FTSE 100 climbed 0.35% to 7,546.76, and the Euronext 100 was up 0.12% to 1,064.78.

On the macro front

The ADP Employment Report and the EIA Petroleum Status Report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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